British Patient Capital commits £31.25m to Crane Venture Partners’ new enterprise & data-focused seed fund for Europe
- Crane Venture Partners’ Crane I closes at more than $90m, of which British Patient Capital is committing £31.25m
- Crane backs new wave of European companies leveraging data and machine intelligence to transform the enterprise
- Exclusively focused on Pre-Series A startups based in Europe, the Crane I fund has invested in Aire, Avora, Stratio Automotive and Tessian
- Experienced investment and operations team specialises in helping ambitious early stage enterprise tech company founders go-to-market
11 June 2019 - London – British Patient Capital is delighted to announce a £31.25m commitment into Crane Venture Partners’ first institutional fund, Crane I, as it closes at over $90m.
Crane’s founders, Scott Sage and Krishna Visvanathan, have been investing as a team since 2010, previously backing notable enterprise category leaders Icera, H2O.ai, Netronome, Onfido and Trustpilot, amongst others. Crane Partner Andy Leaver has spent the last 20 years scaling iconic Silicon Valley enterprise champions from startup through to IPO including Ariba, HortonWorks, SuccessFactors and Workday.
Krishna Visvanathan, Co-Founder and Partner of Crane, said: “We are truly excited to be at the forefront of a new era of thematic venture capital investing. Crane’s Partners have supported ambitious, highly technical founders building transformative companies for over 20 years. Our strategy and unique team enable us to genuinely impact the trajectory of companies we work with.”
Catherine Lewis La Torre, CEO, British Patient Capital, commented: “Crane’s focus on early stage technology-rich businesses provides an ideal fit with our mission to enable long-term investment in innovative companies across the UK, led by ambitious entrepreneurs who want to build successful, world-class businesses. We are therefore delighted to be investing in Crane’s first fund and look forward to working with them as they enable more outstanding companies to fulfil their full growth potential.”
Crane, a venture capital firm focused on early-stage intelligent enterprise startups, invests at the seed stage and has made several investments to date in companies across Europe, including Aire, AVORA, Senseon, Stratio Automotive and Tessian. Several of Crane’s investments have already gone on to raise significant Series A and B rounds.
Crane Venture Partners recently opened its first office in Soho, London, and is actively adding to its existing portfolio of companies in Crane I and to its team as it further expands its operational support for portfolio companies.
Notes for editors
About British Patient Capital
British Patient Capital is the trading name of British Patient Capital Limited, a wholly-owned commercial subsidiary of British Business Bank plc, the UK government’s economic development bank. It forms part of the British Business Bank’s commercial arm.
Its mission is to enable long-term investment in innovative firms led by ambitious entrepreneurs who want to build large scale businesses. British Patient Capital has been given new resources of £2.5bn and will deliver a programme designed to support high growth potential innovative UK businesses in accessing the long-term financing they require to scale up. Find out more at britishpatientcapital.co.uk.
British Business Bank plc and its principal operating subsidiaries are not banking institutions and do not operate as such. Neither British Business Bank nor its principal operating subsidiaries are authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). A complete legal structure chart for British Business Bank plc and its subsidiaries can be found on the British Business Bank plc website.
The investment from British Patient Capital into Crane does not amount to any endorsement or warranty from British Business Bank, the British Business Bank plc, or the government of the UK.
About Crane Venture Partners:
Crane builds data, enterprise and deep technology companies alongside Europe’s most ambitious founders. Based in London, Crane’s Partners have invested in and scaled businesses across the US, Asia and every major hub in Europe. Over the last year, Crane has made investments from its first institutional fund in European enterprise startups including AIRE, Avora, Senseon Technologies, Tessian, Onfido and H2O.ai. http://www.crane.vc/
British Patient Capital
Scott Shearer, Senior Communications Manager
Phone: 0203 772 1351 or 07770 704 761
Suzanna Jebbitt, Communications Manager
Phone: 07827 552 301
The British Patient Capital team at MHP Communications
Phone: 020 3128 8589